AnthonyA73164 AnthonyA73164

26-10-2022
Mathematics

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How much money will you have after 7 years if you deposit $9000 into an account that earns 3% annual interest compounded continuously?

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YaheliB757693 YaheliB757693

26-10-2022

We will have the following:

[tex]\begin{gathered} P=(9000)e^{(0.03)(7)}\Rightarrow P=11103.10254... \\ \\ \Rightarrow P\approx11103.1 \end{gathered}[/tex]

So, the amount will be approximately $11 103.1.

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